Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

We report the results for the following four reportable segments: (i) Refining, (ii) Retail, (iii) Logistics, and (iv) Corporate and Other. Commencing June 1, 2023, the results of operations of the Billings Acquisition are included in our refining and logistics segments.

Summarized financial information concerning reportable segments consists of the following (in thousands):

Three Months Ended September 30, 2023	Refining		Logistics		Retail		Corporate, Eliminations and Other (1)		Total
Revenues	$	2,524,155	$	72,839	$	158,512	$	(176,198)	$	2,579,308
Cost of revenues (excluding depreciation)	2,190,474		39,801		120,332		(176,222)		2,174,385
Operating expense (excluding depreciation)	116,949		6,135		22,099		—		145,183
Depreciation and amortization	24,278		7,708		2,766		559		35,311
Impairment expense	—		—		—		—		—
General and administrative expense (excluding depreciation)	—		—		—		23,694		23,694
Equity earnings from refining and logistics investments	(2,393)		(1,541)		—		—		(3,934)
Acquisition and integration costs	—		—		—		4,669		4,669
Par West redevelopment and other costs	—		—		—		3,127		3,127
Loss on sale of assets, net	—		—		—		—		—
Operating income (loss)	$	194,847	$	20,736	$	13,315	$	(32,025)	$	196,873
Interest expense and financing costs, net									(20,815)
Debt extinguishment and commitment costs									—
Other expense, net									(43)
Income before income taxes									176,015
Income tax expense									(4,600)
Net income									$	171,415
Capital expenditures	$	11,499	$	2,788	$	8,591	$	111	$	22,989

Three Months Ended September 30, 2022	Refining		Logistics		Retail		Corporate, Eliminations and Other (1)		Total
Revenues	$	1,974,701	$	54,635	$	157,385	$	(130,436)	$	2,056,285
Cost of revenues (excluding depreciation)	1,629,019		28,482		115,574		(130,449)		1,642,626
Operating expense (excluding depreciation)	60,233		3,710		21,570		—		85,513
Depreciation and amortization	16,542		5,059		2,865		659		25,125
Impairment expense	—		—		—		—		—
General and administrative expense (excluding depreciation)	—		—		—		16,219		16,219
Par West redevelopment and other costs	2,816		—		—		—		2,816
Loss (gain) on sale of assets, net	—		(241)		56		—		(185)
Operating income (loss)	266,091		17,625		17,320		(16,865)		284,171
Interest expense and financing costs, net									(16,852)
Debt extinguishment and commitment costs									343
Other expense, net									(198)
Income before income taxes									267,464
Income tax expense									(68)
Net income									$	267,396
Capital expenditures	$	3,754	$	2,967	$	2,135	$	182	$	9,038

________________________________________________________

(1)Includes eliminations of intersegment revenues and cost of revenues of $176.2 million and $130.4 million for the three months ended September 30, 2023 and 2022, respectively.

Nine Months Ended September 30, 2023	Refining		Logistics		Retail		Corporate, Eliminations and Other (1)		Total
Revenues	$	5,848,108	$	189,936	$	442,480	$	(432,080)	$	6,048,444
Cost of revenues (excluding depreciation)	5,035,749		106,888		327,728		(432,154)		5,038,211
Operating expense (excluding depreciation)	252,802		13,178		64,166		—		330,146
Depreciation and amortization	59,827		17,801		8,577		1,682		87,887
General and administrative expense (excluding depreciation)	—		—		—		66,148		66,148
Equity earnings from refining and logistics investments	(2,393)		(1,966)		—		—		(4,359)
Acquisition and integration costs	—		—		—		17,213		17,213
Par West redevelopment and other costs	—		—		—		8,490		8,490
Operating income (loss)	$	502,123	$	54,035	$	42,009	$	(93,459)	$	504,708
Interest expense and financing costs, net									(51,974)
Debt extinguishment and commitment costs									(17,682)
Other income, net									301
Equity earnings from Laramie Energy, LLC									10,706
Income before income taxes									446,059
Income tax expense									(6,741)
Net income									$	439,318
Capital expenditures	$	25,454	$	10,793	$	15,845	$	1,626	$	53,718

Nine Months Ended September 30, 2022	Refining		Logistics		Retail		Corporate, Eliminations and Other (1)		Total
Revenues	$	5,318,379	$	147,729	$	424,505	$	(377,703)	$	5,512,910
Cost of revenues (excluding depreciation)	4,772,511		77,970		329,058		(377,739)		4,801,800
Operating expense (excluding depreciation)	174,769		11,280		60,345		—		246,394
Depreciation and amortization	48,854		15,357		8,156		2,121		74,488
Impairment expense	—		—		—		—		—
General and administrative expense (excluding depreciation)	—		—		—		47,550		47,550
Acquisition and integration costs	—		—		—		63		63
Par West redevelopment and other costs	5,681		—		—		—		5,681
Loss (gain) on sale of assets, net	—		(253)		56		27		(170)
Operating income (loss)	$	316,564	$	43,375	$	26,890	$	(49,725)	$	337,104
Interest expense and financing costs, net									(51,400)
Debt extinguishment and commitment costs									(5,329)
Other expense, net									(149)
Income before income taxes									280,226
Income tax expense									(756)
Net income									$	279,470
Capital expenditures	$	25,249	$	6,877	$	5,224	$	708	$	38,058

________________________________________________________ 

(1)Includes eliminations of intersegment revenues and cost of revenues of $432.1 million and $377.7 million for the nine months ended September 30, 2023 and 2022, respectively.